The Dow opened sharply lower, falling nearly two percent by
11 a.m. The euro traded below $1.22 as well, hitting a low of
$1.2169 before rebounding slightly. The currency has been
declining rapidly over the past several weeks.

Wells Fargo agreed to pay a fine of $175 million
to settle claims that it lent to black and Hispanic borrowers
at higher interest rates than similarly qualified white
applicants. The bank will compensate those black
and Hispanic borrowers who were issued subprime loans while
white applicants won prime loans, the U.S. Department of
Justice said in a
statement during the middle of the trading day.